Opyn raises $6.7 million

San Francisco-based decentralized options protocol Opyn has raised $6.7 million in a Series A round led by Paradigm. Since its inception in 2019, the company has raised ~$9.11 million.

“Options are a $300 trillion market that Opyn is reimagining by making it more inclusive, fair, and transparent. Working with Dan and Matt at Paradigm has been incredible – they have helped us design elegant upgrades to the protocol, and are our secret sauce in building code that forever changes the way options are thought about and traded.” –  Zubin Koticha, Co-Founder and CEO of Opyn.

Recently, Opyn (a team of ~7) launched v2 of its protocol, focusing on improving capital efficiency within DeFi. Opyn v2 includes new features and technical improvements, allowing users to trade option spreads and combos, auto-exercise at expiry, and create new options on any whitelisted product, among others. Moving forward, Opyn will focus on reducing margin requirements for naked options, adding options on even more assets, and increasing liquidity through the development of Opyn’s options-specific AMM.

“We are thrilled to partner with Zubin, Aparna, Alexis and the rest of the outstanding Opyn team as they build the primary DeFi options protocol. Options are a key primitive in financial markets, and we are particularly excited to help the team research cutting-edge topics such as capital efficiency, AMM-design, and scaling.” – Matt Huang, Co-founder and Managing Partner at Paradigm.